Medtronic : Structural Heart Investor & Analyst Briefing

Medtronic Structural Heart Analyst and Investor Briefing

Discussion of the SMART Trial Data

ACC.2024 | Atlanta, GA | April 7, 2024

Forward-looking statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, general economic conditions, and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances.

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2 | ACC.24 Structural Heart Analyst and Investor Briefing | April 7, 2024

Today's agenda

01 Opening Remarks

1. SMART Trial Introduction
2. 1-Year SMART Trial Results
3. Closing
4. Panel Q&A

Ryan Weispfenning Geoff Martha

Nina Goodheart

Dr. Jeffrey Popma

Sean Salmon

All

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Establishing track record of consistency and driving durable growth

Data-driven momentum is building for Structural Heart franchise

Leading positions across large secular growth markets amplified by new product cycles

Innovation and evidence generation positions Medtronic to take share in high growth TAVR market

Executing on commitments and focused on delivering strong shareholder returns

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SMART Trial | A clear win for Medtronic

Structural Heart poised to deliver strong growth with product launches and superior clinical data

All primary and prespecified secondary endpoints met

• Superiority in coprimary valve performance endpoint

• Superiority in all powered secondary endpoints

• Numerically better, non-inferiorin coprimary clinical endpoint

Simultaneous publication in The New England Journal of Medicine

First head-to-head TAVR RCT with intentional focus on women that answers valve selection question for small annulus patients and solidifies valve performance leadership

1-yrdata is critically meaningful because early valve performance (BVD) is associated with a 50% increase in mortality and rehospitalization1

Small annulus TAVR market

40% of total WW TAVR market

35% of EW's US TAVR valves

Additional opportunities

across multiple TAVR populations (women, Asian-descent,valve-in-valve)

Strong cadence of MDT product launches and clinical data are growth catalysts in $6B WW TAVR market growing high-single to low-double digits

Evolut FX+ full US market release anticipated Summer 2024 Continued Evolut FX launch in Japan and Western Europe

Evolut Low Risk Trial 4-yeardata demonstrated TAVR outperformed surgery with sustained valve performance2 and proved cost-effectivenessof Evolut TAVR versus SAVR3

Decade of durability data from NOTION Trial, showing continued benefit of CoreValve platform vs. gold-standard surgical arm4

5 | ACC.24 Structural Heart Analyst and Investor Briefing | April 7, 2024

Evolut FX+

TAVR System

now FDA

approved

Valve Design | Importance of valve design proven in head-to-head SMART Trial

Highly anticipated trial proves not all TAVR platforms are built the same

Implanters have asked for a direct comparison of two most used TAVR valves

Evolut TAVR System

Supra-annular | Self-expanding

Trial Details

Small annulus as defined by ≤ 430 mm2 by MDCT

 Prospective, multi-center, international, randomized controlled trial

 83 sites in Canada, EMEA, and United States

 716 patients 1:1 Randomization stratified by sex

 30-day and annual follow-ups for patients out to 5-Yrs

SAPIEN * TAVR System

Intra-annular | Balloon-expandable

The SMall Annuli Randomized To Evolut or SAPIEN Trial, or SMART Trial, studies how fundamental valve design

differences affect treatment of symptomatic, severe aortic stenosis in patients with small aortic annuli.5

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Bioprosthetic Valve Dysfunction (BVD) portends death and rehospitalization

Aortic Valve Replacement (AVR) patients want great valve performance for their lifetime

Four categories of "Bioprosthetic Valve Dysfunction"

Structural Valve

Deterioration

Occurs Years

After AVR

Non-Structural

Valve Dysfunction

Occurs Immediately After

AVR

Thrombosis

Occurs Unpredictably

Anytime After AVR

Endocarditis

Occurs Unpredictably

Anytime After AVR

Valve becomes calcified, damaged,

or otherwise not functioning

correctly

Valve is not damaged, but the

orifice is not large enough to permit sufficient blood flow for the patient or is leaking around the edge

Blood clots form on the leaflets that restrict movement and blood flow

Bacterial infection of the bioprosthetic valve leaflets

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Bioprosthetic Valve Dysfunction (BVD) leads to death and rehospitalization

Each component of BVD portends an adverse outcome

Four categories of "Bioprosthetic Valve Dysfunction"

Structural Valve

Deterioration

Occurs Years

After AVR

Non-Structural

Valve Dysfunction

Occurs Immediately After

AVR

Thrombosis

Occurs Unpredictably

Anytime After AVR

Endocarditis

Occurs Unpredictably

Anytime After AVR

18

19

20

21

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Poor valve performance causes an increase in 5-year hard clinical endpoints

Structural Valve Deterioration (SVD) occurs later

SVD Cumulative Incidence

SVD Predicts 5-Year Mortality

Curves separating

later ~3yrs mark

When SVD occurs, it is associated with6

100%

5-YR rate of

DEATH

CV DEATH

REHOSPITALIZATION

COMPOSITE

9 | ACC.24 Structural Heart Analyst and Investor Briefing | April 7, 2024

Poor valve performance causes an increase in 5-year hard clinical endpoints

BVD occurs earlier with curves separating starting at 30 days

BVD Cumulative Incidence

BVD Predicts 5-Year Mortality

Curves start

separating at 30 days

The presence of BVD is associated with1

50%

5-YR rate of

DEATH

CV DEATH

REHOSPITALIZATION

COMPOSITE

10 | ACC.24 Structural Heart Analyst and Investor Briefing | April 7, 2024